US crude futures fall $1.58/bbl on eurozone worries

19 March 2013 20:22  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for April delivery settled on Tuesday at $92.16/bbl, down $1.58 versus the previous close, on concerns that Cyprus may face bankruptcy if an international bailout is not approved.

The euro responded by weakening against the dollar.

Sentiment that the weekly inventories from the American Petroleum Institute (API) and the Energy Information Administration (EIA) will show a ninth consecutive build in crude stocks also pressured the energy complex.

April West Texas Intermediate (WTI), which goes off the board on the NYMEX on Wednesday, made lower lows, bottoming out at $92.03/bbl, down $1.71, before the selling was exhausted.

ICE Brent for May delivery continued to underperform, lagging behind its American counterpart and establishing an intra-day low of $107.25 before settling at $107.45/bbl, down $2.06.

By: Ignacio Sotolongo
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